FTC clears Facebook acquisition of Instagram

A photo illustration shows the applications Facebook and Instagram on the screen of an iPhone in Zagreb on April 9 when Facebook announced it will acquire the photo-sharing application Instagram.

SAN FRANCISCO -- The U.S. Federal Trade Commission cleared Facebook Inc.'s acquisition of Instagram on Wednesday, voting unanimously to close its investigation into the deal without taking any action.

The move frees Facebook to complete its acquisition of the mobile photo application maker, the biggest acquisition in Facebook's history. Facebook announced plans to acquire Instagram in a cash and stock deal for $1 billion in April.

The deal is currently valued at $747.1 million, based on the closing $19.44 closing price of Facebook's shares on Wednesday.

Facebook said in a statement that it was pleased that the FTC has cleared the transaction. The company did not provide a further update on the timing of the deal, which it has said it expects to close by the end of the year.

CNBC's Julia Boorstin reports on Facebook's Q1 earnings, adding that the company's $1B acquisition of Instagram breaks down to $300M in cash and 23 million shares in common stock.